TECHNICAL TREND ( NIFTY - BANK NIFTY FUTURES ) Nifty futures/Bank Nifty futures market closed on 8380/ 18358. According to technical analysis if Nifty futures and Bank Nifty future moves down-word in tomorrow treading session then 8355 will be small support for Nifty futures and 18281 will be small support for Bank Nifty futures. If it break this level then then Nifty futures can go down to 8218 level and Bank Nifty futures can touch 17927 level in next few days. It will be hard support for Nifty futures and Bank Nifty futures. Meanwhile in up trend there is small resistance on 8519 for Nifty futures and 18870 is for Bank Nifty futures after breaking this level with volume there is big resistance for Nifty futures on 8627 and 19107 for Bank Nifty futures.
TECHNICAL VIEW (NIFTY- BANK NIFTY FUTURES ) PIVOT POINT NIFTY DAILY
R2 8471
R1 8557
PP 8465
S1 8373
S2 8189
WEEKLY
R2 9312
R1 8700
PP 8394
S1 8088
S2 7476
MONTHLY
R2 8861
R1 8587
PP 8450
S1 8313
S2 8039
PIVOT POINT BANK NIFTY DAILY
R2 19368
R1 18904
PP 18672
S1 18440
S2 17976
WEEKLY
R2 251307
R1 19389
PP 18430
S1 17471
S2 15553
MONTHLY
R2 20136
R1 19096
PP 18576
S1 18056
S2 17016
MOVING AVERAGE
21 DAYS
50 DAYS
100 DAYS
200 DAYS
NIFTY BANK NIFTY
8225 17911
8261 18059
8483 18470
8400 18135
PARABOLIC SAR
DAILY
WEEKLY
MONTHLY
NIFTY
8247
7926
9073
18875
20820
BANK NIFTY
17975
NSE EQUITY DAILY LEVELS COMPANY NAME
R3
R2
R1
PP
S1
S2
S3
ACC ALBK
EQ EQ
1456 95
1439 93
1429 92
1423 90
1419 89
1406 88
1389 86
AMBUJACEM ASIAN PAINT AXISBANK BAJAJ-AUTO BANKBARODA BANKINDIA BHEL BHARTIARTL CIPLA COALINDIA DLF DRREDDY GAIL GRASIM HCLTECH HDFC HDFCBANK HEROMOTOCO HINDALCO HINDUNILVR ICICIBANK ITC INDUSIND BANK INFY JINDALSTEL KOTAKBANK LT M&M MRF MARUTI ONGC ORIENTBANK RCOM RELCAPITAL RELIANCE RELINFRA RPOWER
EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ
238 768 566 2475 149 184 253 454 638 410 111 3498 418 3464 970 1291 1069 2654 128 895 315 310 859 1034 101 1462 1792 1436 34645 4094 331 186 62 371 1042 383 46 270 187 889 462 75 317 149
231 753 559 2440 145 180 247 443 622 402 109 3446 407 3424 946 1263 1048 2604 124 875 309 307 845 1016 97 1386 1757 1365 33972 4007 324 182 60 362 1019 373 45 265 181 870 449 74 311 146
229 747 556 2421 143 179 244 438 614 398 107 3413 401 3404 931 1249 1039 2577 122 866 307 306 840 1006 94 1359 1738 1335 33598 3977 322 180 59 358 1007 368 44 262 179 858 441 73 308 145
225 728 552 2406 141 176 241 432 606 394 106 3393 397 3384 922 1234 1026 2553 121 855 303 304 831 996 92 1311 1723 1294 33299 3919 318 177 58 352 995 363 43 260 174 850 436 72 306 143
222 731 549 2389 139 175 238 427 599 390 105 3360 391 3364 907 1221 1017 2527 119 846 301 303 826 988 89 1284 1704 1264 32925 3890 315 175 57 348 983 358 42 257 172 838 428 71 302 142
218 723 545 2371 137 173 235 421 591 387 104 3341 386 3344 898 1205 1004 2503 118 835 298 301 818 982 87 1235 1688 1223 32626 3831 311 172 56 343 971 353 41 255 168 831 423 70 300 140
212 708 538 2336 133 169 228 411 575 379 102 3289 375 3304 875 1177 982 2453 114 815 292 298 804 965 82 1160 1653 1152 31953 3744 304 168 55 334 947 343 40 250 162 811 410 69 294 137
SBIN SSLT( VEDL) SUNPHARMA TATAMOTORS TATAPOWER TATASTEEL UNIONBANK
TOP 15 ACHIEVERS
SR.N SCRIPT NAME PREV O CLOSE
//
TOP 15 LOOSERS
CMP
% CHANG
SR.NO
SCRIPT NAME
PREV CLOSE
+29.31
1
TECH MAHINDRA
545.30
472.05
2
JSW ENERGY LTD
106.95
95.55
3
SE INVESTMENT
325
300
4
CHENNAI PETRO
179.15
165.50
5
CANARA BANK
307.20
286.70
6
90.45
84.54
97.15
90.80
8
JINDAL ST AND PWR ADANI ENTERPRISES VOLTAS LTD
338.75
316.80
9
INDIAN BANK
149.55
140.00
10
MIND TREE LTD
1363.15
1276.50
11
HINDALCO INDUS
117.25
110.55
12
PFC
275.75
261.20
13
ROLTA INDIA
106.40
100.95
14
UCO BANK
55.85
53.20
15
HINDZINC
169.25
161.55
1
RAJESH EXPORTS
290
375
2
MARAL OVERSEAS
29.10
36.80
3
INDIA CEMENT
84.40
95.20
4
SRF LTD
1109.15
1248.60
5
PC JEWELLER LTD
370.90
416.65
6
KIRTI INDUS
98.45
110.45
7
MTHOOT FINANCE
185.20
207.40
8
AMTEK AUTO
145.85
162.30
9
ESCORTS LTD
119.70
132
10
MMTC
45.95
55.55
11
ENGINEERS INDIA
220.05
241.15
12
559.35
655.05
13
INDIABULLS HOUSING R COM
58
63.25
14
BAJAJ AUTO
2390.60
2587.55
15
TVS MOTORS
239.85
258.15
+26.46 +12.80 +12.57 +12.33 +12.19 +11.99 +11.28 +10.28 +10.01 +9.59 +9.29 +9.05 +8.15 +7.63
7
CMP % CHANG
-13.43 -1.66 -7.95 -7.62 -6.67 -6.63 -6.54 -6.48 -6.39 -6.36 -5.71 -5.28 -5.12 -4.74 -4.55
NEXT WEEK STARS (AS PER TECHNICAL ANALYSIS PRIDICTION ) 1.
ICICI BANK - ICICI BANK GAINED ALMOST 5% IN THIS WEEK AND LIKELY TO CONTINUE ITS UPTREND IF IT TRADES ABOVE IN NEXT WEEK AND MAY CAN HIT THE 320 LEVELS.
2.
CAIRN INDIA - CAIRN INDIA IN IN DOWN TERND AND IF BREAKS 182 LEVEL THEN NEXT SUPPORT IS 177 AND 170.
3.
GAIL - GAIL INDIA SHED ABOUT 3% THIS WEEK AND IF IT CONTINUOUS TO TREND BELOW 385 THEN 378 LEVELS ARE NEXT SUPPORT.
4.
VEDL - VEDL IS IN STRONG DOWN TRND IF IT BREAKES 169.50 LEVEL THEN NEXT SUPORT IS 168.
5.
AMBUJACEM - AMBUJACEM THIS WEEK SHOWED UPWARD MOMENTUM AND HIT THE WEEKLY HIGH OF 243 IF IT BREAKS THE 243 LEVEL THEN 250 LEVELS ARE POSSIBLE IN NEXT TWO TRADING SEASONS.
CURRENCY MARKET USDINR
R2
R1
PP
S1
S2
DAILY
64.11
63.98
63.71
63.58
63.31
WEEKLY
R2 65.83
R1 64.53
PP 63.88
S1 63.23
S2 61.93
MONTHLY
R2 64.89
R1 64.15
PP 63.78
S1 63.41
S2 62.67
EURINR
R2
R1
PP
S1
S2
DAILY
71.65
71.03
70.72
70.41
69.79
WEEKLY
R2 74.94
R1 72.28
PP 70.95
S1 69.62
S2 66.96
MONTHLY
R2 73.29
R1 71.67
PP 70.86
S1 70.05
S2 68.43
JPYINR
R2
R1
PP
S1
S2
DAILY
52.52
52.06
51.83
51.60
51.14
WEEKLY
R2 54.85
R1 52.97
PP 52.03
S1 51.09
S2 49.21
MONTHLY
R2 53.88
R1 52.58
PP 51.93
S1 51.28
S2 49.98
GBPINR
R2
R1
PP
S1
S2
DAILY
101.49
100.15
99.48
98.81
97.47
WEEKLY
R2 105.59
R1 101.79
PP 99.89
S1 97.99
S2 94.19
MONTHLY
R2 103.92
R1 101.12
PP 99.72
S1 98.32
S2 95.52
NSE - WEEKLY NEWS LETTERS TOP NEWS OF THE WEEK ✍ Credibility of Indian economy has been partly restored: Arun Jaitley Finance Minister Arun Jaitley reportedly said that the credibility of Indian economy has been partly restored and the momentum must be sustained over the next two years. Jaitley added that there is "huge amount of enthusiasm" among investors as they see India picking up again, according to reports.It is only then that investors world over are going to feel comfortable. The initial signs are good but I think this is momentum which has to be sustained over a period of time," quoted FM. Jaitley also stated that the reform process is clear, the government's thinking is clear.
✍ RBI to tighten regulations as foreign investors attempt to bypass FPI limit While market regulator SEBI finds nothing inappropriate in Deutsche Bank’s $1-billion investment via UTI MF’s Guernsey-based subsidiary in the Indian debt market in May this year, RBI happens to hold a different ground, says a report.The banking regulator has got alarmed by this investment and is looking to tighten norms.Deutsche Bank could also be bypassing the FPI investment limits of 30 billion dollars in government securities by investing through UTI mutual fund, the report said.“We are aware of the transaction. Investments by FPIs in mutual funds fall under the corporate bond limit of USD 51 billion. We are, however, reviewing the regulation to ensure greater clarity in this area and that there is no room for any ambiguity,” said RBI in response to a questionnaire sent by The Indian Express regarding the investment.The Securities and Exchange Board of India however happens to find nothing amiss in the investment. Banks, Sovereign Wealth Fund, Mutual Funds and others fall under the category of FPIs. As per Regulation 21(1) of SEBI (FPI) Regulations, 2014, an FPI is allowed to invest in certain securities including units of mutual funds, the capital markets regulator said, as mentioned in the report.
✍ Thomas Cook, Cox & Kings slump on Greece crisis Thomas Cook and Cox & Kings traded on a slippery note on fears of earnings hit from the Greece crisis.According to reports, these travel companies generate almost 65 percent of the EBITDA from UK travel and educational business.Hence, exit of Greece from the Eurozone may lead to revenue and foreign exchange losses for Thomas Cook and Cox & Kings. The former slumped 4.5 percent to Rs. 220, while the latter tumbled over 6 percent to Rs. 235.
✍ Dr Reddy's Laboratories recalls anti-seizure, hypertension drugs from US market -Dr Reddy’s Laboratories has initiated voluntary recall of some drugs used to treat seizure and hypertension from the U.S. market, according to reports,A report says that the firm started recalling Divalproex Sodium extended-release tablets as it has failed dissolution tests.The drug, which is used to treat certain types of seizures (epilepsy), is being recalled under the “class-II”
classification, says report.Media report says that according to a communication issued by the USFDA, the drug maker has began recalling Divalproex Sodium extended-release tablets, USP, 250 mg of 100 count (7,479 units) and 500 count bottles (2,544) units on the ground of "failed dissolution specifications.
✍ Kotak Mahindra Bank gets shareholders approval for 1:1 bonus share Shareholders gives approval to Kotak Mahindra Bank's proposal for issuance of bonus shares, according to reports.The annual general meeting held today has approved issuance of "bonus shares in the proportion of one equity share for every equity share of face value Rs 5 held by such person on the record date," Kotak Mahindra Bank said. The bonus shares so issued and alloted will rank in all respect with the existing fully paid equity shares of the bank.
✍ Pref allotments, bonus and IPO: Sebi bans 239 players for misuse of SME trading platform The Securities and Exchange Board of India (Sebi) has barred 239 individuals and entities from accessing the securities market for misusing the small and medium enterprises(SME) trading platform of exchanges to launder money and to evade taxes, according to reports. A report says that SEBI had noticed huge rise in the traded volumes and prices of Eco Friendly Food Processing Park,Esteem Bio Organic Food Processing,Channel Nine Entertainment and HPC Biosciences.These companies were listed on the SME segment of BSE during January 2013 to March 2013, says report.During this period, the four companies raised funds through series of preferential allotments.Consequent to the preferential allotments and bonus issues,the share capital of these companies increased manifold.
✍ Bank of India, Canara Bank down on ratings downgrade Bank of India and Canara Bank are trading on a feeble note on the back of ratings downgrade by Moody's Investors Service. According to reports, the ratings agency has downgraded both the banks by a notch down in terms of Baseline Credit Assessments (BCAs), an indication of intrinsic or standalone financial strength of the company. Bank of India so far has touched a low of Rs. 169, and is now down 0.6 percent at Rs. 171. Rs. 281.
✍ RCom up on plans to sell stake in tower unit Reliance Communications (RCom) is trading with traction in morning trade after the company said that it was in talks with certain companies for stake sale in its tower unit. According to a release issued by the company to the BSE, RCom has stated that is in talks with American Tower Company (ATC) and Carlyle to sell majority stake in its tower subsidiary Reliance Infratel in this financial year. The stock so far has touched a high of Rs. 63.60, and is now up 2.5 percent at Rs. 63.30. The counter has seen trades of around 1.16 million shares as against the two-week daily average volume of around 6.66 million shares on the BSE.
✍ Bank of Maha up on tie-up with MUDRA Bank Bank of Maharashtra has advanced over a percent to touch a high of Rs. 35.85 on the back of tie-up with MUDRA Bank. According to media reports, Bank of Maharashtra and MUDRA Bank (Micro Units Development and Refinance Agency) have signed an agreement to finance
new entrepreneurs and small businesses. To government aims to facilitate credit up to Rs. 1 lakh crore under MUDRA scheme this fiscal year. The stock is now up 0.9 percent at Rs. 35.80. The counter has seen trades of around 1,098-odd shares as against the two-week daily average volume of around 27,000 shares on the BSE.
✍ IndiGo, Infibeam, Teamlease eye over Rs. 3000 cr via IPOs IndiGo, Teamlease and Infibeam have lined up public offers to raise an estimated over Rs, 3,000 crore from investors, according to reports. A report says that the draft papers for IPOs were being submitted to capital markets regulator Sebi today. InterGlobe Enterprises, which runs the country's biggest airline by market share under 'IndiGo' brand, is planning to raise Rs. 2,000-2,500 crore through the IPO, Teamlease is also planning to raise Rs. 450-500 crore and Infibeam about Rs. 400 crore via IPO, says report.
✍ Nestle India surges on favourable HC verdict Nestle India has surged nearly 4 percent to hit a high of Rs. 6,300 on the back of favourable Bombay High Court order. According to a release issued by the company to the BSE, the Bombay High Court has allowed the company to continue the export of MAGGI noodles. The Court has fixed 14 July, 2015, as the next date for hearing the matter. The stock is now up over 3 percent at Rs. 6,259. The counter has seen trades of around 24,000 shares as against the two-week daily average volume of around 16,000 shares on the BSE.
✍ Prakash Industries paid Rs. 14.85 crores to govt in coal block case Prakash Industries Ltd has announced that in addition to earlier payment of Rs. 234.22 crores deposited by the Company in the month of December, 2014, it has further deposited an amount of Rs. 14.85 crores on June 29, 2015, thereby making full and final payment of Rs. 249.07 crores with the Coal Controller, Ministry of Coal, towards the additional levy against its Chotia Coal Block in terms of the order of the Hon'ble Supreme Court of India
✍ RBI announces rate of interest on Floating Rate Bonds, 2017 The rate of interest on the Floating Rate Bonds, 2017 (FRB, 2017) applicable for the half-year (July 2, 2015 to January 01, 2016) shall be 8.15 per cent per annum. It may be recalled that the rate of interest on the FRB, 2017 was set at a mark-up (as decided in the auction held on July 1, 2002) over and above the variable base rate. The variable base rate for payment of interest shall be the average rate (rounded off up to two decimal places) of the implicit yields at cut-off prices of the last six auctions of Government of India 364-day Treasury Bills held up to the commencement of the respective half yearly coupon period which works out to be 7.81 per cent. The mark-up decided in the auction held on July 1, 2002 was (+) 0.34 per cent (plus 34 basis points). The coupon rate has thus been fixed at 8.15 per cent.
✍ Petrol price cut by Rs. 0.31/L, diesel by Rs 0.71/L
-
Effective midnight, petrol price will be cut by Rs. 0.31/L and diesel prices will be cut by Rs 0.71/L. Prices of Petrol and Diesel were last revised w.e.f. 16th June'15. Since last price
change, there has been a decrease in international prices of both Petrol & Diesel. INR-USD exchange rate has appreciated during this period. Combined impact of both these factors warrants a downward revision in prices, the impact of which is being passed on to the consumers with this price decrease. The movement of prices in international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes. Indian Oil Corporation, in a press release said, "Decrease in Retail Selling Price of Petrol by Rs. 0.31/litre at Delhi (including State levies) with corresponding price revision in other States. With this change, the price of Petrol in Delhi will become Rs. 66.62/litre." It added, "Decrease in Retail Selling Price of Diesel (Retail) by Rs. 0.71/litre at Delhi (including State levies) with corresponding price revision in other States. With this change, the price of Diesel in Delhi will become Rs. 50.22/litre."
✍ Alibaba to acquire additional stake in Paytm Chinese e-commerce giant Alibaba is in discussion to increase its stake in India's one of the rapidly growing online portal Paytm by 40%, showing its eagerness to become the major player in the Indian retail market. Paytm is expected to be Alibaba's shoulder in e-commerce play in India. Alibaba which has already acquired a 25 percent stake in Paytm through its subsidiary Ant Financial, is now estimated to invest in around $ 600 million (Rs. 4,000 crore), to buy another 20 percent additional stake in the firm owned by One97 Communications. With this investment Alibaba, would become the biggest investor in Paytm making its valuation at $3.7 billion (Rs 23,600 crore) on a post money basis, leading to a 270 percent hike on the $1-billion valuation in the previous funding round, which again would be marked as thriller essence of India's e-commerce segment. Currently the Noida-based firm, has raised around $200 million from Ant Financial. Though the initial deal was to invest around $575 million in two tranches, and the latest round of funding is estimated to be the second tranche of the previous investment. It is estimated that this latest deal would take Paytm into the major league of Online market place co-existence with Flipkart, Snapdeal and Amazon India, giving them neck-to-neck competition in Indian market. Alibaba wants to create a revolution in the Indian online market by creating ecosystems of mobile devices, operating systems, electronic payment solution and services such as entertainment and commerce on top of the ecosystem.
✍ Indian Hotels delists GDRs from LSE Indian Hotels Company has announced that the Company had proposed to delist the 1,96,380 GDRs representing 0.02% of the present paid equity capital of the Company, outstanding as on March 31, 2015. The Financial Conduct Authority, UK and the London Stock Exchange (LSE) have confirmed that the said GDRs have been delisted from the Official List and are cancelled from admission to trading on the LSE with effect from June 29, 2015, 8.00am London time. Consequently, the Company has also issued a notice to Citibank N.A for termination of the existing Depository Agreements of the GDR’s.
✍ JSW Energy up on massive fund raising plans JSW Energy is trading on a positive note on the back of future growth plans. According to media reports, the company is planning to raise up to Rs. 12,500 crore as the company prepared to expand its business through organic and inorganic ways. The stock so far in the day has touched a high of Rs. 100, and is now up 1.5 percent at Rs. 99.70. The counter has seen trades
of around 24,000 shares as against the two-week daily average volume of around 183,000 shares on the BSE.
✍ Godrej Properties gains on launching new project Godrej Properties is trading on a firm note in early morning deals on the BSE, on the back of positive news flow. According to a release issued by the company to the BSE, Godrej Properties today announced that it has added a new project off Kankapura Road, in South Bengaluru to its development portfolio. The stock climbed to a high at Rs. 255, and is now up over 2 percent at Rs. 252. The counter has seen trades of around 1,768 shares as against the daily average volume of 14,000 shares.
✍ Chambal Fert gains on selling textile business Chambal Fertilisers & Chemicals is trading on a firm note after the company has executed business purchase agreement for sale of Birla Textile Mills to Sutlej Textiles & Industries on slump sale basis. The company has informed the BSE that the aforesaid transaction is expected to be completed by 30 September, 2015. The stock so far has hit a high at Rs. 59.60 and is now up 2.3 percent at Rs. 58.95. Around 34,000 shares are traded on the BSE counter, as against two-week daily average volume of 49,000 shares. Sutlej Textiles has rallied 8.8 percent to Rs. 502, with trades of around 19,000 shares on the BSE counter, when compared with two-week daily average volume of 13,000 shares.
✍ Blue Star Info spurts on winning new order Blue Star Infotech has soared 6.2 percent to a high at Rs. 196 on receiving contract worth Rs. 96 crore for providing IT related services. The company has won contract from one of its existing customers who is amongst the world's leading commodity trading and logistics companies to be executed over a 3 year term. The stock is now up 5.6 percent at Rs. 195. The BSE counter has registered trades of around 5,194 shares, as against two-week daily average volume of 7,222 shares.
✍ Hinduja Global Solutions surges on acquiring stake in BPO Hinduja Global Solutions surged nearly 5 percent to a high of Rs. 510 in early morning deals on the back of plans to acquire a significant stake in Mphasis BPO arm. According to a release issued by the company to the BSE, the company has entered into definitive agreements with Mphasis and its wholly-owned subsidiary MsourcE India for acquisition of significant portion of their Business Process Outsourcing (BPO) business as a going concern on a slump sale basis for consideration of Rs. 17 crore. The stock has pared some gains but is still up 1.7 percent at Rs. 495. The counter has seen trades of around 2,560-odd shares as against the two-week daily average volume of around 1,387 shares on the BSE
✍ Tata Chemicals to evaluate growth and restructuring opportunitie With reference to the news item appearing in the media titled "Tatas Look to Exit Fertiliser Business for a $1b Price Tag", Tata Chemicals Ltd has clarified that in the ordinary course of
our business, we routinely assess the performance of our businesses and the relevant market conditions, including evaluating growth and restructuring opportunities. As such, we would like to state that at present there are no developments that would trigger Clause 36 of the Listing Agreement. In the event that there is any development that requires disclosure under clause 36 of the Listing Agreement, we will make the same in accordance with regulatory requirements."
✍ Sebi clears Catholic Syrian Bank's Rs. 400 crore IPO Catholic Syrian Bank has received Sebi's approval to raise up to Rs. 400 crore through an initial public offering (IPO), according to reports. The company had filed its draft red herring prospectus (DRHP) with Sebi through its lead merchant banker, ICICI Securities. The proceeds of the issue will go towards augmenting the bank's capital base to meet its future capital requirements, says report. The issue is being managed by ICICI Securities and Kotak Mahindra Capital Company.
✍ Jaypee group receives approval to sell power projects The Himachal Pradesh Government has given the permission to permit the transfer of two major hydro power projects operated by Jaypee group to another private company JSW Energy Ltd, according to reports. A report says that the government has decided to allow the transfer of Karcham Wangtoo (1000 MW) and Baspa II (300 MW) hydro projects after the two had signed a pact in November 2014. The power deal was signed between the two companies for Rs.9,700 crore in November last year. JSW Energy would have 100 per cent stake in the two hydro power projects with a combined capacity of around 1,391 MW, says report.
✍ Hinduja Global Solutions climbs 1.7% on acquiring stake in BPO Hinduja Global Solutions added 1.7 percent at Rs. 495, while Mphasis ended on a flat note at Rs. 411 after the acquiring deal. Hinduja Global Solutions entered into definitive agreements with Mphasis and its wholly-owned subsidiary MsourcE India for acquisition of significant portion of their Business Process Outsourcing (BPO) business as a going concern on a slump sale basis for consideration of Rs. 17 crore. The company has hit a high Rs. 510.10 and a low of Rs. 490. In Bse, the counter has seen trading volume of around 5772 shares against two weeks average of 1387 shares.
✍ Strides Arcolab rallies as RBI lifts curb Strides Arcolab has rallied over 2.5 percent to Rs. 1,171 on news that the RBI has lifted the curb on fresh purchases by foreign investors at the counter. According to reports, the Central Bank has lifted a ban on foreign institutional investors buying shares of Strides Arcolab after FII holding in the company dropped below the threshold limit of 49 per cent. The stock is now up 2 percent at Rs. 1,165. The counter has seen trades of around 24,000 shares as against the two-week daily average volume of around 73,000 shares on the BSE.
✍ CCI approves Crompton Greaves deal CCI has cleared Advent and Temasek's Rs 2,000 crore deal to acquire stake in Crompton Greaves Consumer Electricals, according to
reports. A report says that under the proposed combination, Advent and Temasek would snap up 34.37% stake in Crompton Greaves Consumer Electricals from Avantha Holdings. Singapore-based MacRitchie would be acquiring the stake along with Advent, says report Earlier Competition Commission of India (CCI) had sought clarification on the provision of five- year non-compete restrictions in the Share Purchase Agreement (SPA).
✍ Arvind up on tie-up with Aeropostale Arvind has rallied 3 percent to hit a high of Rs. 275 on the back of tie-up with America's Largest Specialty Youth Retailers. According to a release issued by the company to the BSE, the company has tied-up with Aeropostale Inc., one of America's Largest Specialty Youth Retailers with over 1,000 locations across the Globe - to launch in India in 2016. The stock is now up 2 percent at Rs. 273. The counter has seen trades of around 184,000 shares as against the two-week daily average volume of around 243,000 shares on the BSE.
✍ Rajesh Exports Board approves acquisition in Europe Rajesh Exports Ltd has announced that the Board of Directors of the Company at its meeting held July 02, 2015, have approved to make acquisition/s in Europe in the range of USD 250 Min to USD 500 Min. The acquisition has been approved to strengthen the backward integration of the Company and to strengthen the domestic and global presence of the Company in gold business. The Board of Directors have further authorized Rajesh Mehta, Chairman of the Company to take all the necessary steps to complete the acquisition.
✍ Nestle India gains 1.8% on FSA clean chit for Maggi Nestle India gained 1.8 percent at Rs. 6,250. The UK’s food regulator Food Standards Agency (FSA) gave a clean chit to Nestle for Maggi manufactured in India saying levels of lead in the product are well within the EU permissible levels So far, the stock has jumped to a high of Rs, 6,375, and has seen trades of around 0.19 lakh shares as against the daily average volume of 0.19 shares.
Top Economy news At a time when PPP projects in highways sector had taken a backseat, government's renewed focus on it has revived developers interest with projects worth about Rs.135 bn either awarded or in advanced stages of finalisation this fiscal so far. The government is expected to take a decision on further raising import duty on steel within a week, Minister of Heavy Industries and Public Enterprises Anant Geete said, in a bid to protect local producers from surging imports from countries such as China and Russia.
The economic crisis in Greece may trigger capital outflows from India and the government is consulting the RBI to deal with the situation, Finance Secretary Rajiv Mehrishi said. Indian and Mauritian officials will hold talks starting June 30 on proposed amendments to their bilateral tax treaty. To control spiralling prices of pulses and other essential food items, the Centre will hold a meeting of all state food ministers on July 7 to chalk out strategies to jointly tackle the crisis in the backdrop of possible deficient rains this year.
Worried over continuous decline in exports, the Commerce Ministry is considering interest subsidy benefits for textile sector including garments. The government is considering imposing 10% import duty on wheat to curb shipments and liquidate poor quality grains lying in FCI godowns.
In what could turn out to be a major boost for fresh investments in the City Gas Distribution sector and allow companies to fix prices, the Supreme Court held that the downstream regulator Petroleum and Natural Gas Regulatory Board has no power to fix or regulate network tariffs. Based on sales data from six companies, sale of passenger vehicles is estimated to have grown by 2.41% in June, against an industry growth of 15.83% and 4.67% in April and May, respectively. The government reduced marginally the import tariff value of gold to US$382 per 10g and of silver to US$516 per kg considering weak global price trend in the wake of Greece crisis. Growth in the country's manufacturing activities slowed down in June as compared to May as new business orders were not as forthcoming, showed a widely tracked purchasing managers'
index . Uttar Pradesh sugar mills have again hinted at suspending operations in the coming cane crushing season, for the same reason, the high price of the latter as compared to the return from sale of sugar. The central government said it's currently examining the funds requirement of public sector banks over the next 3 years and promised required capital support as part of a comprehensive package to strengthen them. Greece made last-minute overtures to its international creditors for financial aid, but it was not enough to save the country from becoming the first developed economy to default on a loan with the International Monetary Fund.
Government has allocated Rs. 2bn for three years to set up an online national agriculture market by integrating 585 wholesale markets across India -- a move that would help farmers realise better prices. With an eye on improving farm productivity, the government will spend Rs500bn over the next five years under the Pradhan Mantri Krishi Sinchai Yojana. The government tried to allay concerns on paddy crop, saying there's no threat to it despite IMD's projection of deficient rains in July and August. The government and the central bank are in discussions over recapitalisation of state-owned banks, Reserve Bank Governor Raghuram Rajan said.
Top corporate news Arvind Lifestyle Brands Ltd, a subsidiary of denim and branded apparel major, Arvind Ltd, has entered into a licence agreement with the US-based Aeropostale Inc, the speciality retailer of casual and active apparel for young women and men. HSIL, has entered into the home appliances segment in association with France-headquartered Groupe Atlantic. HSIL will start selling water heaters manufactured by the French firm through 2,500-odd existing retail partners. Bharti Airtel said it's ready to launch full mobile number portability from tomorrow, which will allow customers to retain their numbers across the country. The Gujarat State Fertilisers & Chemicals Ltd will invest Rs100bn for setting up four new projects at Dahej near here, a top official said.
M P Birla Group firm Birla Corporation is looking to ramp up its cement production capacity to 15 million tonnes in the next four years. Larsen & Toubro has bagged orders worth Rs18.85bn for power transmission and distribution projects in June. Larsen & Toubro has bagged orders worth Rs 1,885 crore for power transmission and distribution projects in June. The orders include a major engineering, procurement and construction order from Odisha Power Transmission Corporation for setting up substations and associated lines with complete facilities for the Phase II of Odisha Distribution System Strengthening Project. Jet Airways launched its new website jetairways.com, built around the theme 'designed to delight. Kotak Mahindra Bank cut its base rate by 0.10% to 9.75, joining its larger rivals which have announced such downward revisions in the recent past. The Gujarat State Fertilisers & Chemicals Ltd will invest Rs 10,000 crore for setting up four new projects at Dahej. Arvind Lifestyle Brands Ltd has entered into a licence agreement with Aeropostale, Inc., the specialty retailer of casual and active apparel for young women and men.
TCS said it will hire 60,000 people this fiscal and impart training to its existing one lakh employees in various digital technologies. Adani Enterprises said it has suspended engineering work at USD 16.5-billion Carmichael mine in Australia on account of delay in approvals. Tata Group Chairman Cyrus Mistry has initiated a plan to hive off and sell the fertiliser business, housed in Tata Chemicals, in his first major restructuring move after becoming chairman in 2012. Titan Company Limited, has effected major changes in its senior management team, which will come into effect from July 1, 2015. The company's watches & accessories division and eyewear divisions will have new heads. Power producer JSW Energy is planning to raise up to Rs.125 bn through issuance of various securities as it eyes organic and inorganic ways to expand business. Cholamandalam Investment and Finance said it has joined hands with mobile app-based taxi aggregator, Ola, to offer car loans to the latter's drivers with an option of daily repayment scheme instead of a monthly payment. Bharti Airtel has moved up a position in global rankings to become the third largest mobile operator in the world, in terms of subscribers, the company said in a press release. It now has 303 million customers across 20 countries.
Mahindra and Mahindra has set up an Africa-focused business unit as it looks to maintain double-digit growth levels in the continent, the company said. LIC Housing Finance will auction an property belonging to property developer Orbit Corporation for default of loans. LIC Housing Finance has kept a reserve price of Rs.1.25bn for the 9,083 square metre or over 90,000 sq ft.property.
ITC's packaged food business has crossed the billion-dollar milestone with sales of Rs 6,411.27 crore, or about $1.01 billion, in the year ended March 2015. JSW Steel sought shareholders' approval to raise up to Rs. 4,000 crore through qualified institutional placement. The Proceeds of the issue will be used for capital expenditure and refinancing high-cost debt, besides meeting unlikely shortfall in unforeseen circumstances L&T has secured orders totally valued at Rs. 20.35 bn across various business segments this month. Leading media player Zee Entertainment Enterprises has said it is eyeing a five-fold growth in viewership in the next five years. JSW Group is considering new investments in the ports sector on the Eastern coast of the country. The Group has already invested about Rs10bn on the West coast. Godrej Group’s Godrej Appliances forayed into the healthcare refrigeration space. The company announced the launch of medical refrigerators under a technology licensing agreement with the UK-based The Sure Chill Company. Emami Ltd said it has launched Zandu Gel Balm Junior, a mild version of the pain reliever for kids. JSW Steel has sought shareholders' approval to raise Rs40bn through qualified institutional placement. Ashok Leyland said that it is committed to light commercial vehicle (LCV) business and will work with its partner to improve the profitability. The LCV business, for which it had joined with Nissan, is under pressure due to high loss that stood at Rs7.91bn in 2014-15. The special economic zone unit of Jamnagar refinery of Reliance Industries Limited is planning to shut down one crude distillation unit for routine maintenance and inspection activities in the first half of July for about 10 days.
Pharma major Lupin is looking at strengthening its branded portfolio by creating alliances and eyeing strategic brand acquisitions in US markets in 2015-16. The United States is Lupin's largest market and contributed 45% of the company's revenues in 2014-15. Realty firm Unitech Ltd has raised about Rs700mn from Piramal group to complete
construction of its joint venture housing project in Chennai. The company is developing about 49 acres project 'North Town' in Chennai in partnership with another realty firm Arihant. About 2,400 flats and villas are being developed. Leading airline IndiGo is likely to soon approach market regulator Sebi with its IPO plan to raise an estimated Rs. 25 bn. Mahindra & Mahindra unveiled its new range of sub one-tonne truck 'Jeeto' in the Uttar Pradesh market. UP clocks sales of nearly 13,000 units in the sub one-tonne truck category per annum across different makes. Reliance Group’s Reliance Retail is looking to raise Rs2bn from the public through jewellery purchase schemes via its jewellery format Reliance Jewels. ISGEC Heavy Engineering Ltd, the Noida-based diversified engineering company, has formed joint venture with the US-based Titan Metal Fabricators Inc, which designs and fabricates highly corrosion-resistant process equipment for industries that have corrosion problems. (ET)
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